What is the Lightning Network:
The Lightning Network is often referred to as a second layer technology built on bitcoin. It is a decentralized network of nodes running specialized open-source lightning clients.
The Lightning Network allows bi-directional payment channels that allows users off-chain ownership and transfer of bitcoin. This is without the need for trusted third parties or the need to broadcast a transaction for each transfer.
Channels are opened via an on-chain transaction, and are also closed via an on-chain transaction. Value transfer between parties is instantaneous as soon as the channels have been opened but do not require further transactions to be broadcast to the on-chain network.
Payments can also flow through multiple channels, finding an optimal route to your recipient if it exists, meaning you don’t always need to open a new channel with who you intend to send funds to as long as the route to that party has sufficient funds.
With Coincards, this means that once you have funded a channel with us or if you have channels open with others who have channels funded with us, you can purchase any product and have your order payment completed instantly, allowing much faster delivery (Usually instant) on all gift cards!
|Regular Bitcoin Wallet||Lightning Wallet Options|
|Project||Website||Open Source||Android||iOS||Desktop||Private Key Control||Bech32 Receiving Address||Segwit-Compatible Address||Can connect to own node||Requires own node||Can open/close channels||Can receive funds without Channel|